Mahindra Finance Personal Loan Interest Rates

Last Updated : Aug. 28, 2024, 12:49 p.m.

Mahindra Finance is one of the leading financial institutions in our country that provides various kinds of banking facilities to its customers. They provide several other loans including personal loans with favourable interest rates at 10.99% with loan amounts up to INR 6 Lakhs.

Mahindra Finance Personal Loan Interest Rate Details 2024

Personal Loan is one of the amazing banking products, and if you’re planning to opt, you should opt for a Mahindra Finance Personal Loan because of the affordable and attractive interest rates. You can glance at the various details of the Mahindra Finance Personal Loan Facility in the table below.

Advantages of Mahindra Finance Personal Loan

These are the advantages of the Mahindra Finance personal loan which you can get while availing for the personal loan -

• Existing Customers - Mahindra Finance offers personal loans to its existing customers starting from ₹50,000 to up to ₹6 lakhs. You can choose a flexible tenure ranging from 12 to 36 months with zero documentation required. Their streamlined online process ensures quick approval and fast disbursal of your personal loan.

• New Employees - Mahindra Finance offers personal loans to their new employees starting from ₹25,000 and up to ₹1.75 lakhs. Their personal loans provide flexible tenures ranging from 6 to 18 months, with minimal documentation and disbursal within a few days.

• Transparent - The personal loan procedure at Mahindra Finance is very transparent. You receive upfront details on personal loan benefits, interest rates, fees, and repayment terms before making any commitment.

• Prepayment Facility: One of the best benefits is they provide the option to prepay the loan, often with minimal charges, which indirectly allows the borrowers to reduce their debt sooner.
  
• Quick Disbursal : Personal Loans from Mahindra Finance are processed and disbursed quickly, often within a few days of approval.

Factors Affecting Mahindra Finance Personal Loan Interest Rate

The following list of elements explains how interest rates on personal loans from Mahindra Finance are affected:-

• Credit Score - A credit score serves as a confirmation of your repayment history on past credit accounts. A good credit score of 750 or higher displays a solid track record of responsible credit use and on-time debt payments.

• Income and Employment Stability: The applicant’s stable income and employment history can lead to favorable interest rates because it indicates the applicant's ability to repay the loan.

• Loan Tenure: Shorter loan tenures may attract lower interest rates, as the risk for the lender decreases with a shorter repayment period. The length of the loan has an impact on the interest rate that is offered.

• Existing Relationship with Mahindra Finance: Existing customers or those with a strong financial history with Mahindra Finance may benefit from preferential interest rates or offered lower interest rates compared to new customers on personal loans.

Calculating EMIs on Mahindra Finance Personal Loans

To quickly and simply calculate your EMIs for a personal loan from the Mahindra Finance, use the Wishfin online Mahindra Finance Personal Loan EMI Calculator .

You can simply put the following details -

• Loan Amount

• Tenure

• Interest Rate

The equal monthly payments (EMIs) for a ₹5,00,000 personal loan with an interest rate starting from 10.99% per annum for terms of one to five years are shown in the table below. To better meet your needs, you can modify the loan amount and other information.

What Should You Do in Order to Fetch the Lowest Interest Rate from Mahindra Finance?

You can get a low-interest deal from Mahindra Finance if you bear the following points in mind:

• Negotiate with the Lender: Sometimes, you can negotiate a better rate, especially if you have a strong relationship with the lender or if you have a solid financial background with the bank from which you have applied for the personal loan.

• Minimize Existing Debt: Always try to reduce or pay off your existing liabilities to improve your debt-to-income ratio, signaling to lenders that you can manage additional debt, this will potentially lead to a lower interest rate.

• Apply During Special Promotions: Mahindra Finance may offer reduced interest rates during festive seasons or special campaigns. Timing your application can help you lock in better interest rates on your personal loan application.
  
• Consider Pre-Approved Offers : If you’re an existing customer, look out for pre-approved loan offers from Mahindra Finance. These may come with lower interest rates and fewer formalities.

Documents Required for Mahindra Finance Personal Loan Application

You can have a look at the required documents given below.

• KYC Documents - A copy of your PAN Card with any of the following documents - Voter ID, Aadhaar Card (with the first eight digits hidden), Passport.
  
• Address Proof - Electricity Bill, Telephone Bill, Gas Bill, Bank Statement.
  
• Other Documents - Salary Slip (three months) Bank statement in PDF format (last three months). Canceled cheque (signature should match the signature on PAN card), Passport-sized photograph.

Other Charges of Mahindra Finance Personal Loan

These are the additional fees and charges of Mahindra Finance that may be applied to your personal loan application -

How can you apply for Mahindra Finance Personal Loan?

You can easily apply for a Mahindra Finance Personal Loan, you need to visit the official website of Mahindra Finance. There, submit the application form by filling out the few details like your name, PIN code, mobile number, City, State, etc. If you do not want to apply online, you always have the option to visit the nearest branch of Mahindra Finance and apply for a loan over there in an hassle-free manner.

Mahindra Finance Personal Loan Customer Care Number

In case of any query or problems regarding the personal loan facility, you can get in touch with the Mahindra Finance customer care executives by calling 1800-233-1234 available from 8 am to 8 pm from Monday to Friday. They will patiently hear your problems and wil try to resolve it by all means possible. So don’t hesitate on having any kind of problem, you’re just a phone call away from reaching out to them!

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.